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Counsel for Platinum Equity, the Beverly Hills, Calif.-based company that had previously agreed to purchase PPG Industries' auto glass business and services unit, has filed a motion in the Supreme Court of the State of New York to dismiss PPG's counterclaim. Project Gamma Acquisition Corp. and 3217926 Nova Scotia Co., two holding companies set up to assist in the purchase of the business, originally filed suit against Pittsburgh-based PPG in late December, in an attempt to terminate Platinum's agreement to purchase the PPG auto glass unit. PPG in turn filed its counterclaim-along with its own motion to dismiss the original claims Platinum made in its complaint-in late January. (CLICK HERE for related story.) In Platinum's recent motion, filed on Friday, March 21, the company claims that all of PPG's claims should be dismissed. PPG's counterclaim alleges that Platinum's complaint 'brazenly re-writes and falsifies the parties' historical course of dealing, express agreements and Platinum Equity's own professional capabilities." The complaint goes on to read that Platinum's affiliates made no attempt to file its complaint under seal or to maintain its confidentiality, "even though … the Complaint discloses certain confidential information regarding PPG and its customers." As part of its counterclaim, PPG is requesting "appropriate damages, including not only the $25 million 'break-up' fee to which PPG is entitled under the [Asset Sale Agreement], but also additional damages reflecting the economic harm suffered by PPG as a result of the Platinum Equity entities." The recent motion was filed by the law offices of Bingham McCutchen LLP on behalf of Platinum. CLICK HERE
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Platinum
Equity Motions to Dismiss Counterclaim Filed by PPG